China devalues yuan for second day

August 12, 2015 11:18 AM

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China further devalued its currency Wednesday as the world's second largest economy aggressively pushed back against slowing growth and trade, roiling global financial markets and driving expectations the currency could be set for more falls and even open a new currency war.

The People's Bank of China, or PBOC, its central bank, said the daily reference or fixing rate for the yuan against the dollar dropped 1.6% Wednesday after it was cut by 1.9% on Tuesday.